tl;dr
Bitget, a prominent crypto exchange, is planning to establish a regional hub in Lithuania to ensure compliance with the Markets in Crypto Assets (MiCA) regulations in Europe. The hub will focus on recruiting personnel for compliance and operations. Bitget is actively seeking regulatory approval in 1...
Bitget, a prominent crypto exchange, is planning to establish a regional hub in Lithuania to ensure compliance with the Markets in Crypto Assets (MiCA) regulations in Europe. The hub will focus on recruiting personnel for compliance and operations. Bitget is actively seeking regulatory approval in 15 countries, including the UK, and is contemplating reentry into the US market. The company's Chief Legal Officer emphasized their commitment to upholding security and compliance standards.
The MiCA framework is expected to significantly impact the crypto industry, with companies like Revolut X expanding operations and Tether scaling back due to regulatory anticipation. Bitget's success under MiCA could provide a competitive advantage, but uncertainties remain following a rebuke from Japanese regulators. Despite this, Bitget's BGB token reached a new all-time high, signaling positive momentum for the exchange. Although the press release was noncommittal, it indicated Bitget's proactive approach to MiCA compliance. Overall, Bitget is taking the regulatory challenge seriously.
Bitget is considering a new European regional hub to prepare for MiCA compliance. This hub will be based in Lithuania, and the exchange plans to recruit personnel for compliance and operations. This news comes from a press release shared with BeInCrypto.
Bitget, one of the leading crypto exchanges, is pursuing regulatory approval in 15 countries and holds licenses in several EU nations. Bitget entered the UK market recently and is also considering a return to the US. Hon Ng, Bitget’s Chief Legal Officer, stated, “Our vision for Europe goes beyond business expansion. Bitget is at the forefront of the crypto revolution, and we are committed to contributing to its growing ecosystem of crypto startups. By establishing a hub in Lithuania, we are demonstrating our strong commitment to uphold standards of security and compliance.”
Markets in Crypto Assets (MiCA) is a new EU crypto regulatory framework that will significantly impact the industry. Companies like Revolut X are using the opportunity to massively expand European operations, while firms like Tether are pulling back in anticipation of regulatory trouble. If Bitget can succeed under MiCA, it could give the firm a competitive edge. Such a success, however, is not guaranteed. For example, in late November, the exchange received a rebuke from Japanese regulators due to improper registration. A dedicated regional hub may alleviate some of these concerns. Bitget’s BGB token hit a new all-time high, and there are signs of continued forward momentum.
Although the press release used noncommittal language, a few lines suggested that Bitget would engage in some sort of active MiCA compliance. Whether or not the Lithuanian regional hub is finalized, Bitget is taking the challenge seriously.
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